PSEi bounces back, snaps 2-day skid as global markets post mixed gains

Philippine share prices rebounded on Tuesday, snapping back-to-back losses, as global markets posted mixed gains. The benchmark 30-company Philippine Stock Exchange index soared 84.28 points or 1.96 percent to 4,375.39 while the all shares surged 22.45 points or 0.75 percent to 3,011.72. Losers, however, edged out gainers, 78 to 67, while 39 stocks closed unchanged. All six sectoral indices advanced, led by Mining & Oil's 3.94-percent rise and Services' 2.67-percent jump. Volume traded reached 10.56 billion valued at P6.01 billion. Overnight, Wall Street moved sideways with the Dow adding 0.34 percent and Nasdaq gaining 0.15 percent. As of mid-trade Tuesday, most Asian markets were also trading higher with Seoul adding some 2.99 percent and Taiwan, 2.09 percent. "The over-all outlook remains bullish, although admittedly the road may be sluggish in the day ahead," said trader Justino Calaycay Jr. of Accord Capital Equities. In the local bourse four of the five most active stocks closed in the green. Lepanto Consolidated Mining Co. "A", the day's top traded, climbed P0.12 or 7.27 percent to P1.77. Telecommunications giant Philippine Long Distance Telephone Co. surged P92 or 3.93 percent to P2,430. SM Investments Corp., the holding company of the SM group, leaped P3 pr 0.57 percent to P528. Manila Mining Corp. "A" inched up P0.006 or 8.69 percent to P0.075. Conglomerate San Miguel Corp. dipped P0.10 or 0.08 percent to P122.80. -- CMA/OMG, GMA News